Trader: The current exchange rate trend shows that Japan has not intervened in the yen

On April 29, foreign exchange traders based in Asia said that cash trading desks, including Japanese banks, do not believe that the yen's movement shows that the authorities have intervened. The dollar/yen fell as much as 2.1% to 155.06 in the day, and earlier hit 160.17. Japanese banks are selling dollars on a rally, but they say they are only clearing client flows. One trader said leveraged clients are following suit and selling dollars, in part driven by algorithmic platforms.